Housing is a fundamental need, so much so that it was included alongside food, clothing and medical care in the Universal Declaration of Human Rights. In the years since this document was written, the world has experienced both rapid population growth and urbanisation.
It’s no secret that the Asian dragon has an insatiable appetite for Australian raw minerals, and that the foreign capital which has flowed from it has been a pivotal factor ensuring the steadfastness of the nation’s economy. However, Asian investors have also taken a particular interest in another sector of the lucky country: the property market.
As students from Monash and Melbourne converged on the heart of Clayton campus for the inaugural ESSA Monash versus Melbourne Economics debate, the tension crackling in the air was palpable. For the Melbourne team, losing to the new kids on the block would be an irrevocable stain on their self-perception. For the Monash team, the desire to reign supreme on their turf was a powerful driving force. The topic ‘The Eurozone Project is a Failure’ provided ample scope for intellectual sparring.
In an affirmation of the natural order of things, on Thursday night out at Monash University, the University of Melbourne team (composed of myself, 1st-year student Emad, and the incomparable Prof. Jeff Borland) took out a closely fought debate to determine whether the Eurozone has been a success or a failure. Across both teams there was much spirited debate over economic theory, the optimal design for policymaking interlaced with a great deal of jibing back and forth between two of the country’s most elite universities.
The Pirelli was skirting once more at Albert Park, last week, as the 2013 Australian Grand Prix arrived on its yearly visit. The high-octane event has been carried out in Melbourne, ever since it was moved from Adelaide in 1996. However, it wasn’t just the rain which dampened some people’s enthusiasm for the event. As is increasing the case each year, the media and variety of parties with vested interests were steeped in debate over whether the F1 Grand Prix is in fact economically viable.
According to a report tabled in the State Parliament, the Victorian taxpayer is losing over US$34 million to the event; most of which, is going to president and CEO of F1 Management, Bernard Ecclestone, just for the right to host the event.
That’s a lot of opportunity cost in government expenditure!